Power Grid Corporation to raise Rs 2,500 cr thru bond issue

HYDERABAD: State-run power transmission utility, Power Grid Corporation of India Limited (PGCIL) would raise around Rs 2,500 crore through a bond issue by October-November this year for financing various projects, a top official said here on Sunday.

"For our financial requirement, we will go for issuance of bonds. The first one will be in October-November this year for Rs 2,500 crore and...if required, another bond issue by the end of this fiscal also for about Rs 2,500 crore," PGCIL Chairman and Managing Director S K Chaturvedi said.

Speaking to reporters on the sidelines of a function, the PowerGrid CMD said they had sent proposals for underground sea-link between India and Sri Lanka for transmission.

"The MoUs for sea-link transmission between India and Sri Lanka are to be signed. We are also working on other over-seas projects in Dubai, Nigeria and Bhutan and are in discussion with Myanmar," he said.

The company has already completed a power transmission project in Afghanistan, Chaturvedi said adding "Since elections were going on there, the formal handing over of the project will be done after the new government assumes charge."